SECTION 837

The issuanceby public offering without pre-emptive subscription right of new shares which confer their holders the same rights as the old shares shall be subject to the following conditions: 1) the issue shall be carried out within a period of three (3) years from the meeting which authorized it; P. 238 of 267 2) for companies whose shares are listed on the stock exchange, the issue price shall be at least equal to the average of prices recorded for such shares for twenty (20) consecutive days chosen from among the forty days preceding the day the issue began, after correcting that average so as to reflect the difference on the dividend date; 3) for companies other than those referred to paragraph 2) of this article, the issue price shall be at least equal, at the option of the company and except to reflect the difference on the dividend date, to either the portion of capital securities per share as reflected in the last approved balance sheet on the issue date, or equal to the price fixed by an expert appointed by the competent court ruling expeditiously.